TD Bank approves amendments to its Corporate Governance Guidelines

The Board has approved amendments to its Corporate Governance Guidelines to reduce the discretionary director term extension from five years to two years after an initial 10-year term. In keeping with this new policy, Amy Brinkley, Colleen Goggins and Karen Maidment will retire from the Board at the 2025 Annual Meeting of Shareholders scheduled for April 10. Claude Mongeau and Brian Ferguson have elected not to seek an extension under the new policy and will also retire at the shareholders’ meeting. Other than Mr. MacGibbon, the remaining incumbent directors have joined the Board since 2020. MacGibbon has informed the Board that he will step down as Chair and retire as a director by December 31. The Corporate Governance Committee has initiated a Chair succession process. Until a new Chair is selected, MacGibbon will provide continuity as he guides the Board’s renewal and supports a successful CEO transition.